Security Documents definition
Examples of Security Documents in a sentence
The Trustee is authorized to receive any funds for the benefit of the Holders distributed under the Security Documents, and to make further distributions of such funds to the Holders according to the provisions of this Indenture and the Intercreditor Agreements.
Notwithstanding anything herein to the contrary, the First Lien Notes Collateral Agent shall not be required to take any action or exercise any discretion under the Security Documents or with respect to the Collateral unless such action is directed pursuant to Section 6.05 hereof (subject to Sections 7.01(c)(3) and 7.02(f) hereof), it being understood that the duties and obligations of the First Lien Notes Collateral Agent under the Security Documents shall be wholly ministerial.
The releases and other actions referred to in paragraph (a) above are any release of the Security created by the Transaction Security Documents over any asset and all related and/or required actions.
The Trustee shall have no duty to ascertain or inquire as to the performance or observance of 141 any of the terms of this Indenture or the Security Documents by the Company, the Guarantors or the First Lien Notes Collateral Agent.
The provisions of the Security Documents are effective to create in favor of the Collateral Agent for the benefit of the Secured Parties a legal, valid and enforceable first priority Lien (subject to Liens permitted by Section 6.02) on all right, title and interest of the respective Obligors in the Collateral described therein to secure the Secured Obligations, except for any failure that would not constitute an Event of Default under Section 7.01(p).